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All Forum Posts by: Bob Okenwa

Bob Okenwa has started 6 posts and replied 2465 times.

Post: My flip took 11 months...what went wrong?

Bob OkenwaPosted
  • Real Estate Agent/Investor
  • Peoria, AZ
  • Posts 2,512
  • Votes 2,461

11 months is an awful long time. I've seen brand new houses built from scratch in 4-6 months. As Tim Chapman stated, you should consider subbing more work as holding and opportunity costs add up over time. Also learning rehab costs will help you reduce overages. Unless there were hidden problems (HVAC, asbestos, termite damage etc.), 20k over budget shouldn't really happen unless you either changed the plans as you went along or didn't have a solid enough plan to begin with. Though you saved money by using cheap labor, you could have possibly done 2 or 3 houses in that 11 months so it may have actually cost you profits. 

Post: How Are You Identifying Targeted Property Types

Bob OkenwaPosted
  • Real Estate Agent/Investor
  • Peoria, AZ
  • Posts 2,512
  • Votes 2,461

No, it doesn't have that capability. The only other thing I can think of is to search for rentals and call the owners for duplexes or triplexes and to just find information on existing commercial buildings, I haven't seen anything like that personally.

Post: How Are You Identifying Targeted Property Types

Bob OkenwaPosted
  • Real Estate Agent/Investor
  • Peoria, AZ
  • Posts 2,512
  • Votes 2,461

You should try loopnet.com. They don't separate properties by individual duplexes/triplexes etc, but you can sort by number of units.

Post: Who pays for painting materials?

Bob OkenwaPosted
  • Real Estate Agent/Investor
  • Peoria, AZ
  • Posts 2,512
  • Votes 2,461

@Chris C. No worries about the slow reply and welcome back. I've looked over the spreadsheets and they're amazing and very in-depth. Exactly what I was looking for. I didn't know where to begin and this is a great guide to start with. Thanks a million for this!

Post: Who pays for painting materials?

Bob OkenwaPosted
  • Real Estate Agent/Investor
  • Peoria, AZ
  • Posts 2,512
  • Votes 2,461

@Chris C. Would you be able to share a sample SOW you use. I like your idea of having a detailed SOW that includes what you expect to be done and what you will be supplying. Thanks.